Hedge funds and other large speculators had amassed bets on rising gasoline prices equivalent to more than 80 million barrels of the motor fuel as of March 26, data from the U.S. Commodity Futures Trading Commission showed last week.

That was up from around 59 million barrels four months ago.

Jobless Claims and Japanese Stimulus

Thursday's U.S. jobless claims report arrives a day after a report of weaker-than-expected private-sector jobs growth in March, and a day ahead of the government's closely watched nonfarm payrolls report for March.

The Bank of Japan on Thursday said it would inject about $1.4 trillion into the economy in less than two years, pushing the dollar up sharply versus the yen as U.S. Treasury debt prices also advanced.

"The jobless claims added to the pressure after the Bank of Japan's decision to pump money created a big rally in the dollar and U.S. debt in a safe-haven play," said Phil Flynn, analyst at Price Futures Group in Chicago.

A stronger dollar can weigh on oil and other dollar-denominated commodity prices as they becomes more expensive for holders of other currencies.